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CU forecasts broad-based job growth for Colorado in 2013

By John MossmanThe Denver Post

Posted:
12/03/2012 08:04:49 AM MST

Updated:
12/04/2012 01:27:37 AM MST

Colorado will continue on the road to recovery in 2013 and add a variety of jobs across almost all business sectors, CU economist Richard Wobbekind predicted in the 2013 Colorado Business Economic Outlook.

The forecast anticipates a gain of 42,100 jobs in 2013, compared with a gain of about 47,900 jobs this year. All sectors of the Colorado economy are predicted to grow next year, with the exception of the information sector, which includes publishing and telecommunications.

The state's unemployment rate is expected to decrease from 8 percent in 2012 to 7.4 percent in 2013.

The annual outlook features forecasts and trends for 13 business sectors prepared by more than 100 key business, government and industry professionals.

Wobbekind, executive director of the Business Research Division, said he foresees "a very positive environment" for the state next year. "We're seeing a wide array of jobs being added, and they're diversifying our state economy."

Compared with other states, Colorado is expected to be in the top 10 states for job growth and perhaps in the top six or seven, Wobbekind said.

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He said uncertainty from national and international factors will play a role in slowing growth during the first and second quarters of 2013, with better growth in the second half of the year.

Resolution of the so-called "fiscal cliff" and the European debt crisis will affect the national economy and filter down to the state level, he said.

"I'm concerned more with the fiscal cliff," Wobbekind said. "We're 20-some days away, and it's not being handled very well. We have political issues that are being played out in the media. The closer we get to the end of the year, we think this is going to create some uncertainty even in the holiday shopping season."

He said the state would be significantly affected by spending cuts to federal agencies and to defense because Colorado has a heavy stake in both.

Although consumer confidence is at a 4½-year high, he said, businesses seem to be taking a wait-and-see approach.

"The sooner it gets resolved, the better it is. It's very frustrating not to know the rules," he said. Once that uncertainty gets resolved, we expect business investments to start flowing again and consumers to start making decisions based on a known environment."

The strongest sector for projected job growth in Colorado in 2013 is the educational and health-services sector, which is expected to add 7,600 jobs.

Other leading growth sectors include the professional and business-services sector, with 7,400 jobs added, and leisure and hospitality, with 5,000 workers added.

The trade, transportation and utilities sector — the largest provider of jobs in Colorado — is expected to grow 1.4 percent with the addition of 5,600 jobs.

The construction sector is expected to grow by 6,300 jobs — up from a 2,800-job increase this year — primarily because of the demand for infrastructure and multifamily housing.

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